Short sale purchases are multifaceted, and theyâ€™re just not about what â€œmagic numberâ€ the bank may or may not accept. But as other agents stated, it could take anywhere from 2 weeks or 6 months - it just all depends on many other factors in addition to the price.
One of the first questions I always insist on knowing for the benefit of my buyers is whether the seller meets the criteria in order to sell short. That is, has the seller fallen ill and incurred huge medical expenses lately, or did they involuntary lose their job or were they forced to take a pay cut? If a home owner does not meet any of the criteria, then the bank has no reason to accept the sale for less. Ask your agent for this information and if the sellerâ€™s agent is not willing to disclose this to you, then that is wrong and your agent has every legal right to demand this information â€“ as well as the name of the sellerâ€™s lender. Youâ€™ll also want to know how experienced the sellerâ€™s agent is in short sales too!
If I were your agent, and I knew that you had to be out of a place in 2.5 months, I never would have suggested you present an offer on a short sale - especially when there are so many other great opportunities available to buyers today. But since youâ€™re this far along, I would create a backup plan such as making arrangements to continue in a month-to-month lease if youâ€™re renting. I always suggest to my buyers to plan to go into a month-to-month when considering bank owned properties as one just can never be certain how long it may or may not take.
Best of luck to you and be patient, as these type of purchases are not for the faint hearted.
Frank Biganski, Realtor
Reliance Realty, Inc.